Illinois retirees would pay $2,482 in state income taxes if “fair tax” targets them – Illinois Policy

Illinoisans on average receive $19,999 in annual Social Security benefits and $30,950 in retirement income from sources such as 401Ks or IRAs. That brings total retirement income to $50,949. Currently, none of that income is taxed. However, a progressive income tax could mean that these retirees will eventually pay taxes.
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Ex Illini
5 years ago

If Illinois does not reform pensions through a constitutional amendment, or spending, through some significant reduction of public employees, then the taxing of retirement income will be absolutely necessary. At that point the exodus from the state will increase significantly. None of our elected officials has the courage to talk about it. They are only interested in self preservation and getting their piece of the pie.

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